Spain Inflation Rate Confirmed Steady at 2.3% in February

Spain’s annual inflation rate stood at a seven-month low of 2.3% in February 2026, matching the preliminary estimate and unchanged from January. Slower price growth in housing and utilities (1.9% vs 2.7% in January), on account of electricity prices (0.3% vs 3.7%), helped offset upward pressure from food and non-alcoholic beverages (3.2% vs 3%), restaurants and hotels (4.8% vs 4.5%), and transportation (0.1% vs -0.1%). The core inflation rate, which excludes volatile components like food and energy, inched up to 2.7% in February, the highest since August 2024, from 2.6% previously. Considering the EU-harmonised, the CPI rose by 2.5% on the year, after a 2.4% increase in January, in line with the earlier estimate. Monthly, the CPI rose by 0.4% after a 0.4% decrease in January; and the EU-harmonised index went up by 0.4%, following a previous 0.8% decline, both matching preliminary estimates.

Spain’s annual inflation rate stood at 2.3% in February 2026, unchanged from January and marking the lowest level in seven months, slightly above analysts' estimates of 2.2%. The ongoing stability in price growth was mainly supported by lower electricity prices compared with February 2025, partly offset by stronger increases in fuels and lubricants for personal vehicles, restaurants and accommodation services, and food and non-alcoholic beverages. The core inflation rate, which excludes volatile components like food and energy, inched up to 2.7% in February, the highest since August 2024, from 2.6% previously. Considering the EU-harmonised, the CPI rose by 2.5% on the year, after a 2.4% increase in January, surpassing forecasts of 2.3%. Monthly, the CPI rose by 0.4% after a 0.4% decrease in January. The EU-harmonised index went up by 0.4%, following a 0.8% decline in January and sightly above estimates of a 0.3% rise.

Spain's annual inflation rate was revised to 2.3% in January 2026, below the preliminary 2.4% reading and down from 2.9% in December. This was the lowest reading since June 2025, extending the disinflation trend to three straight months, largely due to a slowdown in electricity prices (3.7% vs 12.6% in December) and a decline in fuel costs, such as gasoline (-7.4%) and diesel (-5.9%). Moreover, prices dropped for clothing & footwear (-1.9% vs 0.2%). The core inflation rate, which excludes volatile components like food and energy, stood at a one-year high of 2.6% for the third month, in line with the initial estimate. Considering the EU-harmonised, the CPI rose 2.4% on the year, down from the preliminary reading of 2.5% and below 3% in the prior month. Monthly, the CPI fell by 0.4%, after a 0.3% increase in December, as initially estimated; and the EU harmonized decreased by 0.8%, after a 0.3% rise in the month before, slightly exceeding the preliminary estimate of a 0.7% decline.